The Netflix stock price skyrocketed to a new high in the US stock market, when the markets opened on Wednesday morning, US time (Wednesday night in India). The surge in the streamer’s stock price amidst the Coronavirus shutdown in the entertainment industry is stunning, to say the least.
The stock price of the streaming giant increased by almost 3.5% to hit an all-time high of $427.77 per share. It beat the previous high of $423.21 per share, which Netflix had achieved back in June 2018.
The primary reason for the surge in stock prices of Netflix is the exponential rise in viewership of the OTT platform’s diversified slate of content, as millions of people in the USA and around the world stay at home under Coronavirus self-quarantining measures. Stuck at home, with nothing much to do, Netflix is most people’s go-to source for great content. All streaming services have reported an exponential spike in viewing on their platforms, as also a significant jump in paid subscriptions, as a direct result of Coronavirus lockdown measures across the world.
But Netflix has stolen the march over other streamers, courtesy its highly appreciated and acclaimed content. In particular, Netflix’s true crime documentary, Tiger King: Murder Mayhem and Madness, that chronicled the life, crimes and excesses of eccentric wild cat breeder Joe Exotic, has tilted the scales in its favour. It has captured the imaginations of people like nothing else has done in recent times, and has consistently ranked in the list of most-watched Netflix shows across the globe.
Add to it the debut of new seasons of popular Netflix Original shows, Ozark and Money Heist, and it becomes more than obvious why Netflix has made the most gains out of all the streaming platforms in the extended Coronavirus stay-at-home period.
Netflix’s stock price has been rising consistently, enjoying an almost 40% surge in prices, since the beginning of the Coronavirus stay-at-home orders